Regulating externalities is a major challenge when economic agents face uncertainty and disagreement. Traditional Pigouvian and Coasean approaches...

In a dynamic model of large traders who manage inventory risk, we show that a daily market closure...

We develop a two-asset search-and-bargaining model of OTC trading to estimate frictions and welfare losses in the UK...

How should we expect firms to communicate with their shareholders in the presence of uncertainty? This paper studies...

A maturity wall occurs in private credit funds when the fund reaches its maturity date, where it can...

Traditionally, fund managers cast votes on behalf of fund investors. Recently, there is a shift towards "pass-through voting,"...